What’s included in the essential HCM tech stack?
HCM technology comes with a variety of solutions to tackle different business needs. Yet, there are a few must-have tools you should consider, no matter your organization’s size or industry, if you want to attract, develop, engage and retain talent.
Core HR or human resource information system (HRIS)
Core HR software manages employee records, time and attendance, leaves of absence, benefits and compliance. By automating these tasks, it alleviates manual workloads, streamlines operations and empowers employees with self-service options.
Payroll
Payroll solutions calculate and process pay precisely, file taxes and generate vital reports. The software also helps with tax and labor law compliance and provides employees with easy access to their pay information and tax documents.
Time and attendance
Automating attendance tracking helps ensure accurate recordkeeping and compliance with labor laws and organizational policies. In addition, self-service features and mobile accessibility allow employees to easily view their schedules, request time off and update their personal information.
Talent
Talent software consists of various solutions designed to handle talent acquisition, talent management and the employee experience, all of which provide invaluable insights into your workforce. It automates tasks, streamlines fair hiring and management practices, and fosters an engaging workplace.
Reporting
HCM systems generate insightful reports on employee performance and productivity, compensation, benefits, scheduling and attendance. This data can help you pinpoint strengths and weaknesses, allowing you to make informed decisions and positive strategic adjustments.
For more on what to look for in HCM software and how to evaluate providers, download our HCM essentials guidebook.
